Daily Brief Health Care: Mayne Pharma, Zylox-Tonbridge Medical Technology, Henry Schein, Omniscient, Cencora , Tg Therapeutics, TuHURA Biosciences, WuXi XDC, Stevanato Group, eXoZymes and more

• TherapeuticsMD trades at a 50%+ discount to its royalty-based asset value, with Rubric Capital holding a 25.5% stake.
• TXMD’s strategic review aims to unlock asset value, hindered by high G&A expenses and Mayne Pharma litigation.
• Mayne Pharma values TXMD royalties significantly higher than TXMD’s estimates, suggesting potential undervaluation of assets.

• Zylox Tonbridge Medical (2190 HK) achieved a revenue of RMB 632M, up 31% YoY, primarily attributable to the high sales growth of both neurovascular and peripheral vascular interventional devices segments. 
• In 1H26, Zylox achieved success in international business with a revenue of RMB 70.6M, up 349%, primarily from Europe, Asian and Latin American regions.
• The global growth prospects will provide the required positive impetus going forward. We feel the stock has ample room for growth and value appreciation left within.

• Henry Schein, Inc. reported solid financial results for the second quarter of 2026, characterized by strong sales growth, margin expansion, and ongoing progress in executing its strategic initiatives.
• Global sales reached $3.5 billion, up 6.7% from the prior year, driven by internal local currency sales growth of 4.6%, acquisitions contributing 0.7%, and a favorable currency impact of 1.4%.
• The company’s non-GAAP operating income increased by 10.5%, with non-GAAP diluted earnings per share rising 15.5% to $1.27 compared to $1.10 in the prior year.

• Making brain data actionable at scale. Founded in 2019 by neurosurgeon Dr. Michael Sughrue and data scientist Dr. Stephane Doyen and led by the former CEO of Facebook Australia and New Zealand, Omniscient commercializes connectomic analysis and visualization, turning scans from MRI machines hospitals already own into patient-specific views of brain wiring and network activity. 
• Quicktome received its first FDA clearance in 2021 for turning diffusion MRI into maps of the brain’s white-matter wiring and in 2023 became the first FDA-cleared platform to generate motor, language, and vision correlation maps from resting-state functional (fMRI); it has been used in ~20,000 processed cases at ~100 US hospitals and clinics.
• Neurosurgery alone could become a multi-hundred-million-dollar business. 

• Cencora, Inc. reported its third-quarter fiscal 2026 results demonstrating growth driven by its pharmaceutical-centric strategy, specialty platform expansion, and strategic acquisitions.
• The company delivered a 5% increase in consolidated revenue to $84.8 billion, with adjusted gross profit rising 23% to $3.5 billion.
• Adjusted operating income grew 17% to $1.2 billion, supported by strength in both U.S. and International Healthcare Solutions segments as well as the contribution from Other businesses.

• TG Therapeutics suddenly returned to the biotech M&A spotlight after its shares jumped 7.2% on August 21 amid renewed takeover speculation.
• Traders pointed to a Betaville “uncooked” alert suggesting that an unidentified U.S.-listed biopharma with a market capitalization between $20 billion and $40 billion may be showing interest.
• No potential buyer has been confirmed, and the nature of the report makes the speculation far from a transaction announcement.

• TuHURA is a clinical-stage, oncology-focused biotechnology company advancing innate immune agonists, checkpoint inhibitors & antibody-drug conjugates (ADCs).
• Its IFx platform technology features IFx-2.0 tumoral injection delivery for Merkel cell carcinoma (MCC).
• IFx encodes a bacterial protein to be expressed in cancer cells, activating the innate immune system & subsequent cascade that may eliminate the tumor.

• 1H26 revenue up 37% YoY to RMB3.7bn and adjusted net profit was up 37% YoY to RMB1.0bn. Revenue mix (Pre/Post-IND) remained stable. 51 newly signed iCMC projects (record-high).
• 1H26 results call: management takeaways focus on 1) GPM outlook, 2) Singapore site utilisation ramp-up, 3) BioDlink integration, 4) commentary on project funnel, backlog growth, and 2026 guidance.
• At ~HK$78, the stock is currently trading at ~45/37x 2026E P/E (per our back-of-envelop estimates on IFRS and adjusted EPS basis). See inside for call takeaways and financial analysis.

• Stevanato Group reported second quarter 2026 financial results largely aligned with its guidance, reflecting steady revenue growth and operational improvements across its segments.
• Total revenue grew 8% year-over-year to EUR 302 million, driven primarily by a 9% increase in the Biopharmaceutical and Diagnostic Solutions (BDS) segment, which offset a 2% decline in the Engineering segment.
• Revenue from high-value solutions, which include premium products like biologics and proprietary drug delivery systems, grew 16% and accounted for 45% of total revenue, emphasizing the company’s strategic focus on higher-margin, differentiated offerings.

• eXoZymes Inc. (NASDAQ: EXOZ) is an emerging biotechnology pioneer commercializing an artificial intelligence-enhanced, cell-free biomanufacturing platform (‘exozymes’) designed to bypass the biological and metabolic bottlenecks inherent in traditional living-cell synthetic biology and petrochemical synthesis.
• The company’s lead asset, N-trans-caffeoyltyramine (NCT)—targeted at high-value metabolic and liver health applications—has achieved a critical operational inflection point, demonstrating a 10x manufacturing productivity gain, ~67% higher volume output per liter, and an 80%+ reduction in reaction time, paving the way for manufacturing and commercial partnerships slated for 2H26.
• Operating under an asset-light licensing and spin-out model supported by non-dilutive grant funding (including an NIH Phase IIB SBIR award), eXoZymes maintains a debt-free balance sheet and disciplined cash burn (~$1.6M per quarter in FCF burn), though institutional investors must weigh its pre-revenue profile and an 18.2x P/B multiple against near-term commercial execution milestones.

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